This article briefly:

•Members of South Korea’s National Assembly purchased $48 million worth of cryptocurrency between May 2020 and May 2023.

•The number of parliamentary members owning crypto assets increases from 8 in 2022 to 17 in 2023.

•In May 2023, South Korea passed a bill requiring lawmakers to disclose their cryptocurrency holdings.

Between May 30, 2020 and May 30, 2023, South Korean lawmakers bought 62.5 billion won (about $48 million) worth of cryptocurrencies and sold 63.1 billion won (about $48.6 million) worth of cryptocurrencies.

South Korea is stepping up its cryptocurrency regulation efforts this year, with a focus on monitoring the crypto activities of some politicians after they were found to be involved in suspicious cryptocurrency transactions.

Nearly 6% of South Korean MPs own cryptocurrency

Cryptocurrency is growing in popularity among South Korean lawmakers.

A survey conducted by the Anti-Corruption and Civil Rights Commission showed that in 2022, only 8 members owned 24 different crypto assets. However, by 2023, the number of members had increased to 17, holding 107 crypto assets. This number accounts for nearly 6% of the total number of members of the South Korean National Assembly.

The investigation covers 36 domestic virtual asset service providers. Jeong Seung-yoon, acting chairman of the Anti-Corruption and Civil Rights Commission, said:

“This virtual asset investigation was conducted in cooperation with relevant agencies and in accordance with laws and principles.”

The most traded cryptocurrency by members during the survey period was Bitcoin (BTC). From 2020 to 2023, members of the National Assembly purchased a total of $48 million worth of cryptocurrencies, while also selling $48.6 million worth of cryptocurrencies.

There are also some discrepancies in the data provided by 10 South Korean lawmakers.

Foreign media reported in May 2023 that South Korea's National Assembly passed a bill requiring lawmakers to disclose their cryptocurrency holdings. The bill was discussed as opposition politician Kim Nam-kuk faced charges of suspicious cryptocurrency transactions. #韩国  #国会议员